Ethereum is sliding

Ethereum's selling continues on Friday, trading down 2.15% at $202 an ether. The cryptocurrency has been mired in a steep slide since putting in a record high of $395 on June 13. Just more than a week later, Ethereum's market cap totaled about 30% of the entire cryptocurrency market, up from 5% in January.

But the damage was done. Heavy selling over the past month has cut Ethereum's price virtually in half. Earlier this week, Mati Greenspan, an analysts with trading platform eToro, told Business Insider a correction was a long time coming. "Anything that goes up that far, that fast has to have some sort of correction," he said.